In the wake of the Federal Reserve’s new effort to boost the housing market, rates on 30-year mortgages plunged this week to the lowest level on record.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. That is the lowest rate on record since December of 1956.
The Fed last week said it will pump $1.2 trillion into the economy in an effort to lower rates on mortgages and loosen credit.
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